Tata Motors completes acquisition of Daewoo Commercial Vehicle Company

Company press release, March 29, 2004

New Delhi

Tata Motors Limited, India announced, today, that it had completed the acquisition of Daewoo Commercial Vehicle Company Limited (DWCV), Korea.

The ceremony to mark the completion of the transaction and the acquisition of the company was held at the factory premises of DWCV in Gunman, Korea, where Wang Ok Chafe, president and receiver of DWCV handed over the newly allotted shares of DWCV to Rattan N Tata, chairman, Tata Motors Limited. With the completion of this transaction and the payment of the acquisition price by Tata Motors, the company would become a wholly owned subsidiary of Tata Motors.

Tata Motors announced that Wang Ok Chafe would serve as the president and representative director of DWCV, once the court receivership of DWCV is terminated.

Rattan N Tata said, This is a historic occasion for Tata Motors and the Tata Group. I am happy to note that this is the largest acquisition by any Indian company in Korea and I look forward to increasing the TATA Groups presence in this country. Korea is a shining example of what can be achieved with diligence and dedication, and I am sure we will learn a lot from operating in South Korea.

Wang Ok Chafe said on behalf of the employees of DWCV, It has been a very productive negotiation and all of us are happy to be part of Tata Motors, which is the sixth largest manufacturer of Commercial Vehicles in the world.

Both Tata Motors and DWCV believe that the combined strengths in technology, customer orientation and product development will provide a cutting edge for competing in international markets and create a new powerhouse in the commercial vehicles industry.

Tata Motors, with revenues of over US$ 2.25 billion (FY 2002-03), is the largest company in the TATA Group, which has a leadership position in engineering, materials, energy, consumer products, services and communication and information systems. Over three million TATA vehicles ply on Indian roads, making TATA a dominant force in the Indian automobile industry.

DWCV is Koreas second largest heavy truck maker with a modern plant in Gunman that has an annual production capacity of 20,000 medium and heavy vehicles. Its robust manufacturing and quality processes that deliver a contemporary product range has enabled DWCV to enjoy a market share in

excess of 25 per cent in the Korean heavy truck segment and to operate profitably since its incorporation.

For further information please contact:

V Krishnan

V. P. (Corporate Communications)

Tata Motors Limited

Phone: 56657209 E Mail: vkrishnan@tatamotors.com

www.tatamotors.com